We should all be planning for our retirement by estimating how much we'll need to amass by then and how we might obtain it. It's important to include Social Security in that planning, so it's smart to start getting an idea of what kind of benefits to expect.
The average monthly retirement benefit was $1,975 as of December -- about $23,700 annually. The table below offers a more granular look at benefits, arranging average monthly benefits by age and gender, as of the end of last year:
|
Age |
Average Benefit, All |
Average Benefit, Men |
Average Benefit, Women |
|---|---|---|---|
|
62 |
$1,298 |
$1,440 |
$1,167 |
|
65 |
$1,563 |
$1,733 |
$1,410 |
|
66 |
$1,740 |
$1,936 |
$1,553 |
|
67 |
$1,884 |
$2,094 |
$1,676 |
|
70 |
$2,038 |
$2,257 |
$1,816 |
|
75 |
$2,102 |
$2,228 |
$1,800 |
|
80 |
$1,940 |
$2,139 |
$1,750 |
|
85 |
$1,864 |
$2,034 |
$1,712 |
Data source: Social Security Administration.
You can see that those in their early 60s are collecting relatively less, and that's because when you first claim your benefits matters a lot. Those claiming early will get smaller checks (but more of them!) and vice versa. (For most folks, it's best to delay claiming benefits until age 70 if you can.)
Note, too, that women tend to collect smaller checks -- as they are often paid less and also may have earned less, sometimes being out of the workforce for a while, caring for children or parents. Fortunately, there are multiple ways to increase your Social Security benefits beyond delaying them.
You can get a clearer estimate of how much you can expect from Social Security by setting up a my Social Security account at the Social Security Administration (SSA) website. You'll be able to click into your account to see estimates of your future benefits, based on your earnings to date. (You'll also be able to spot any errors in your earnings record and can take action to get them corrected.)
Learn more about Social Security and you may be able to get more out of the program.
